Section 152.00. Deductions for self-liquidating housing projects

a. As used
  in this section:
    1. The term "authority" shall  mean  a  housing  authority  owning  or
  operating  a  project or projects aided by (a) a guarantee or guarantees
  of the city representing indebtedness  which  the  city  is  seeking  to
  exclude  pursuant  to this section, or (b) a loan or loans from the city
  for which the city contracted indebtedness, which indebtedness the  city
  is seeking to exclude pursuant to this section.
    2.  The  term "housing company" shall mean a housing company organized
  under article two or article four of the private housing finance law, as
  amended from time to time, owning or operating  a  project  or  projects
  aided  by  a loan or loans from a city for which the city has contracted
  indebtedness, which indebtedness it is seeking to  exclude  pursuant  to
  this section.
    3. The term "project" shall mean that term as defined in section three
  of  the public housing law and section two of article two of the private
  housing finance law as amended from time to time. Such term  shall  also
  include  an  existing  multiple  dwelling  aided  by  a loan pursuant to
  article eight of the private housing finance law.
    4. The term "fiscal year" shall mean the fiscal year of the city.
    b. In ascertaining the power of any city to contract  indebtedness  to
  effectuate  any  of  the  purposes  of  article  eighteen  of  the state
  constitution, as implemented by the public housing  law  and  any  other
  laws,  there  may  be excluded any indebtedness contracted by a city for
  any project or projects aided by a guarantee or guarantees  representing
  such  indebtedness or by a loan or loans for which such indebtedness was
  contracted if such project or projects shall have  yielded  net  revenue
  during  the  preceding  fiscal  year,  provided  that  in  the  case  of
  guarantees, the interest on such indebtedness and the  amounts  required
  in such fiscal year for the payment of such indebtedness shall have been
  paid  and that in the case of loans, the amount the city shall have been
  required to pay in such fiscal year for interest  on  and  principal  of
  such indebtedness shall have been paid to the city.
    c.  In  determining  whether or not a project or projects have yielded
  net revenue during the preceding fiscal year:
    1. Periodic subsidies shall be included in computing gross revenues.
    2. There shall be deducted from the gross revenues received from  such
  project or projects during such preceding fiscal year an amount equal to
  all  costs  of operation, maintenance, repairs and replacements, and the
  interest on such indebtedness and the amounts required  in  such  fiscal
  year for the payment of such indebtedness.
    d.  At  any  time after the close of the fiscal year of such city, the
  chief fiscal officer thereof may, in his discretion, file with the state
  comptroller a financial statement of such project or  projects  for  the
  purpose  of  obtaining  the exclusion referred to in paragraph b of this
  section if
    1. In the case of a project or  projects  aided  by  a  guarantee,  or
  guarantees,  interest on and the amount required for the payment of such
  indebtedness in such preceding fiscal year shall have been paid,
    2. In the case of a loan or loans, the amount the city was required to
  pay in such preceding fiscal year for interest on and principal of  such
  indebtedness shall have been paid to such city,
  and  the  chief  fiscal  officer  is of the opinion that the project has
  yielded net revenue during such preceding fiscal year.
    e. The officers, boards and agencies of the authority, housing company
  or owner of an existing multiple dwelling aided by a  loan  pursuant  to
  article  eight  of  the private housing finance law, as the case may be,
  shall furnish to the chief fiscal officer of such  city  such  data  and

  information  in their possession with respect to the project or projects
  as he shall require to enable him to determine whether  the  project  or
  projects  have yielded net revenue. The statement submitted to the state
  comptroller by the chief fiscal officer of the city shall be verified by
  the  chief  fiscal  officer  and shall be in such form and shall contain
  such information as  shall  be  prescribed  by  the  state  comptroller;
  provided, however, that it shall contain a declaration that the payments
  required  under  subdivisions one and two of paragraph d of this section
  have been made.
    f. However, prior to the submission of such financial statement to the
  state comptroller, the chief fiscal officer of such  municipality  shall
  cause to be published a notice that on the date specified therein, which
  date  shall  be  at  least  two  weeks  subsequent  to  the  date of the
  publication of such notice, such financial statement will be filed  with
  the  state  comptroller.  Such notice shall be published in the official
  newspaper or newspapers of the municipality  or  if  there  be  no  such
  newspaper  or  newspapers  then the finance board shall designate one or
  more newspapers having a general circulation in  such  municipality  for
  the  publication  of  such  notice.  The  notice  shall  also  contain a
  statement of the amount of indebtedness sought  to  be  excluded  and  a
  brief  description  of  the project or projects. A copy of the financial
  statement  and  of  all  documents,  computations  and  other  data  and
  information  which  will be submitted by the chief fiscal officer to the
  state comptroller in support of such financial statement shall be  filed
  in the office of such chief fiscal officer and shall be public records.
    g.  Upon  the  receipt  of  such  a financial statement from the chief
  fiscal officer of such  city,  the  state  comptroller  forthwith  shall
  review  the  facts  set  forth therein. The state comptroller shall have
  power to examine the accounts  and  records  of  the  city  and  of  the
  authority,  housing  company  or  owner of an existing multiple dwelling
  aided by a loan pursuant to article eight of the private housing finance
  law, as the case may be, with respect to the project or projects. He may
  also require the chief fiscal officer and  other  officers,  boards  and
  agencies  of  the  city  and of the authority or housing company, as the
  case may be, and any such owner of an  existing  multiple  dwelling,  to
  furnish  such  additional data and information in their possession as he
  deems necessary to enable him to make his determination.
    h. The state comptroller shall issue  a  written  certificate  setting
  forth his determination as to whether such indebtedness may be excluded.
  If  the  exclusion  is allowed by the state comptroller, the certificate
  shall  constitute  the  authorization  for   the   exclusion   of   such
  indebtedness  in  ascertaining  the  power  of  such  city  to  contract
  indebtedness to effectuate any of the purposes of  article  eighteen  of
  the  state constitution as implemented by the public housing law and any
  other laws. Such authorization shall remain effective until the last day
  of the seventh month following the close of the  fiscal  year  in  which
  such  financial  statement  shall  have  been  submitted.  If  the state
  comptroller disallows the claims of the municipality for the  exclusion,
  he  shall set forth the reasons for such disallowance. The determination
  of the state comptroller shall be conclusive.  The  certificate  of  the
  state  comptroller  shall  be  executed  under  his  hand  and  seal  in
  triplicate. One of such triplicates shall be filed in the department  of
  audit  and  control,  one  in  the  office  of the state commissioner of
  housing and one in the office of the chief fiscal officer of such  city.
  All such triplicates shall be public records.